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The Smart Option Student Loan® allows you to choose the repayment option that best suits your borrowing needs and offers options that help you save money and pay off your loans faster, or give your flexibility to defer payments. Use this calculator to estimate your monthly payments and total cost for a Smart Option Student Loan®.
School information
School location Click for more information
School name Click for more information
Current year in school Click for more information
 
Date funds are needed Click for more information
Year
Month
Anticipated graduation date Click for more information
Year
Month
 
Current private loan balance with Sallie Mae Click for more information
$
Loan amount Click for more information
$
This calculator provides the estimated repayment terms for the amount you requested, using the lowest and highest interest rates currently offered for variable and fixed interest rate loans, where available. Choose and/or compare these estimates by making your selection below.
 
The lowest rate is available only to the most qualified borrowers. Actual loan pricing is based on creditworthiness factors evaluated during the application process. Fixed interest rates and the deferred repayment option are only available to borrowers attending degree-granting institutions. Your actual interest rate will be based on creditworthiness as determined during the application process.
 
Key rate and fee information
APR: With the variable interest rate, the Annual Percentage Rate (APR), the interest rate for the loan, and the amount of monthly payments will increase if the applicable index (one-month LIBOR rate) increases. For purposes of these APR examples, we have assumed that the interest rate does not change. With the fixed interest rate, the Annual Percentage Rate and interest rate for the loan will remain the same until the loan is paid in full.
Interest rate: The Smart Option Student Loan offers a variable rate that is adjusted monthly, and a fixed interest rate (at degree-granting institutions only) that remains the same until the loan is paid in full. The variable rate is based on the one-month LIBOR plus a credit-based margin.
The London Interbank Offered Rate (or LIBOR, pronounced LYE-bor) is a reference rate based on the interest rates that banks offer to lend unsecured funds to other banks in the London wholesale money market (or interbank market).
Disbursement fee: Depending on the borrower's academic program and the creditworthiness of the borrower and/or borrower's cosigner, a fee may be assessed. Any loan fee is capitalized (added to the loan principal) at time of disbursement.
Total loan amount: Loan amount requested plus any disbursement fee.
Repayment schedule
Under the interest-only payment option, monthly interest-only payments are required during the in-school and six-month separation periods. Making interest payments during this time enables you to avoid capitalized interest and to reduce the total loan cost. The monthly interest-only payment shown is based on the entire disbursed loan amount. If the loan is disbursed in two equal installments, the initial monthly payment will be based on the initial disbursement.

Under the fixed-payment option, monthly payments of $ are required during the in-school and six-month separation periods. Making payments during this time enables you to reduce capitalized interest and the total loan cost. Accrued, unpaid interest is added to the principal balance (capitalized) at the end of the separation period.

Under the deferred payment option, no payments are required during the in-school and six-month separation periods. Deferring payment during this time will significantly increase your total loan cost. Accured, unpaid interest is added to the principal balance (capitalized) at the end of the separation period.

During the principal and interest repayment period, you pay installments of principal and interest. The repayment term (number of payments in the principal and interest repayment period) established at loan origination is based on the amount of the new loan and your current private loan balance with Sallie Mae. The repayment term can vary from five years to 15 years.
Total payment summary
Total amount paid equals the amount paid, if any, during the in-school/separation periods and the amount paid by you during the principal and interest repayment period.
Total potential savings offered by Smart Option Student Loan
The calculator estimates the total Smart Option Student Loan payments you would make during the in-school/separation periods and the principal and interest repayment period, assuming you make all payments on time. These payments are compared to the total payments that would be required under a private student loan that defers payments while you are in school and for up to six months after graduation and capitalizes the accrued interest at the start of a 15-year repayment period. The same interest rate, fee, and disbursement assumptions apply to the loan.
Select Range
This calculator provides the estimated repayment terms for the loan amount you are requesting within the current interest rate ranges we provide. You may select which rate range estimate you would like to review first, high or low.
Repayment Options
You can choose to make full interest payments or a predefined fixed payment each month while you are enrolled and during the six-month, post-school separation period.